KCB Bank Group chief executive officer Paul Russo has joined the rank of Kenya’s highest-paid executives. This comes nearly a year after he took over the leadership of the second-largest bank in Kenya. Paul Russo succeeded former CEO Joshua Oigara.
Latest salary earnings show that Paul Russo took home an annual gross pay of Sh. 217.4 million.
‘The KCB Group PLC Board has today appointed Paul Russo as the company’s Group Chief Executive Officer (GCEO) effective May 25, 2022.
He replaces Mr Joshua Oigara who has been the GCEO for the last nine and a half years. Joshua will be available for a period of time to support a smooth transition. The appointment follows a competitively run selection process that kicked off in March 2022.
“Paul Russo is the right person for the job & will take us to the next level in its growth ambitions to become the undisputed regional leader and drive much-needed business transformation for greater impact of economies and communities around us” KCB Group Chairman Andrew Kairu
“Joshua has left a solid legacy for KCB across Africa & beyond that is dotted by the transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations & has built a Group that is anchored on sustainable business practices” he added.
~ KCB Group Posted
This salary included a salary of Sh. 72.7 million, bonus in cash, and deferred of Sh. 99.3 million and Sh. 24.8 million respectively. He also got allowances and gratuity of Sh. 5.8 million and non-cash benefits of Sh. 2 million.
Russo’s salary is however less than what his predecessor Oigara earned. In the previous 2021 financial year, for instance, Oigara was reported to have enjoyed a 217 percent jump in his earnings.
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This was equivalent to Sh. 252.3 million which pushed his annual pay to Sh. 368.5 million. Although his annual basic pay remained at Sh. 76.4 million, Oigara received a Sh. 241.1 million bonus on the back of having guided KCB Bank to a net profit jump of 74 percent to Sh. 34.2 billion.
He also saw his non-cash benefits—medical insurance cover and club membership—rise from Sh. 300,000 to Sh. 1.6 million.
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